Compare & Choose from the Best Personal Loan OffersCanara Bank Personal Loan Highlights – May 2022 | |
| Interest Rate | 10.60%- 14.30% p.a. |
| Loan Amount | Up to Rs 10 lakh |
| Loan Tenure | Up to 7 years |
| Processing Fees | Up to 1% of loan amount |
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Table of Contents
Canara Bank Personal Loan Interest Rates
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CS:1 | 11.65% |
| CS:2 | 11.70% |
| CS:3 | 12.20% |
| CS:4 | 13.70% |
Canara Budget Loan – Special Package
| Type of Applicants | Rate of Interest (p.a.) |
| Applicants having salary accounts with the bank | 11.70% |
| Applicants not having salary accounts with the bank | 12.70% |
Canara Pension Loan
| Type of Pensioners | Rate of Interest (p.a.) |
| General Public | 10.60% |
Teachers’ Loan
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CS:1 | 11.30% |
| CS:2 | 11.35% |
| CS:3 | 11.85% |
| CS:4 | 13.35% |
All Other Personal Loans
| Credit Score based Risk Grade | Rate of Interest (p.a.) |
| CS:1 | 12.80% |
| CS:2 | 12.85% |
| CS:3 | 13.35% |
| CS:4 | 14.30% |
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Comparison of Interest Rates of Canara Bank Personal Loan vs. Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| Canara Bank | 10.20% onwards |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Also Check: Latest Personal Loan Interest Rates of All Banks and NBFCs
Canara Bank Personal Loan Processing Fees and Charges
| Scheme | Processing Charges |
| Canara Budget | 0.5% (Rs 1,000-Rs 5,000) |
| Canara Pension | NIL |
| Teachers’ Loan | 1% (minimum Rs 50) |
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Types of Personal Loans from the Canara Bank
Canara Budget
- Purpose: To meet the personal or domestic needs of the applicant, other than speculative needs
- Loan Amount: 6 months’ gross salary or up to Rs 3 lakh, whichever is lower
Higher quantum considered in selective cases
- Tenure: Up to 5 years
- Processing Fees: 0.5% of the loan amount subject to Rs 1,000- Rs 5,000
Canara Pension- General Public
- Purpose: To meet the personal needs of the pensioner
- Loan Amount and Tenure:
For General Public Pensioners
| Age at the time of Loan sanction | Max Loan Amount (18 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 70 years | Rs 10 lakhs | Up to 5 years | Up to 75 years |
| 70 – 75 years | Rs 5 lakhs | Up to 3 years | Up to 78 years |
For Defence Pensioners
| Age at the time of Loan sanction | Max Loan Amount (24 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 50 years | Rs 10 lakhs | Up to 7 years | 57 years |
| 50 – 60 years | Rs 8 lakhs | Up to 5 years | 65 years |
| 60 – 70 years | Rs 6 lakhs | Up to 4 years | 74 years |
| 70 – 75 years | Rs 5 lakhs | Up to 2 years | 77 years |
For Family Pensioners (General/Defence Pensioners)
| Age at the time of Loan sanction | Max Loan Amount (18 months Pension or) | Repayment Period | Age at the time of full Repayment |
| Below 70 years | Rs 5 lakhs | Up to 5 years | 75 years |
| 70 – 75 years | Rs 3 lakhs | Up to 3 years | 78 years |
- Processing Fees: NIL
Teachers’ Loan
- Purpose: To meet the personal or domestic needs other than speculative purposes
- Loan Amount:
6 months gross salary subject to a maximum of Rs 2 lakh (sanctioned by branch manager in charge of small, medium and large branches as well as Senior Managers/Credit Managers in VLBs/ELBs)
10 months gross salary subject to a maximum of Rs 3 lakh (sanctioned by CM/VLB, AGM/ELB, DM/AGM-RO-CAC, DM-CO-CAC/AGM-CO-CAC, and above authorities)
- Tenure: Up to 4 years
- Processing Charges: Up to 1% of the loan amount with a minimum of Rs 50
Instant Personal Loan
- Purpose: To meet the personal/domestic requirements of salary account holders
- Loan Amount: Rs 10,000-Rs 1 lakh
Eligibility Criteria for Canara Bank Personal Loan
Canara Budget
- Central/State Government employees
- Employees of reputed PSUs/Joint Stock Companies
- Reputed Corporates/Public Limited Companies/Private Institutions/IT/BT Company employees
- Assistant Professors/Lecturers/College Professors/Professors of Research Institute and Universities
Canara Pension – General Public
- All State/Central Government Pensioners
- Pensioners of Public Sector Undertakings/Corporate Pensioners
- Pensioners of Government Sector Undertakings
- Family pensioners of all the above categories
Teachers’ Loan
- Teaching/Non-teaching staff working in schools/colleges and drawing salary from Canara Bank
- An undertaking letter from salary disbursing authority at Block/District level stating that the salary account cannot be shifted from the branch without an NOC
- The net take home after EMI deduction should be at least 30% of gross salary or Rs 10,000 whichever is higher
Documents Required for Canara Bank Personal Loan
Canara Budget
- Completely filled loan application with 2 passport size photographs
- Pronote/Pronote Cover Letter
- Recent salary certificate and Form 16/ITR/ITAO for last 3 years
- Co-obligation
Canara Pension (General Public)
- Loan application with 2 passport size photographs
- Delivery letter to DPN
- Co-obligation, unless waived
Teachers’ Loan
- Application form with 2 passport size photographs
- Co-obligation
- Recent salary certificate and Form 16
- Pronote/Pronote Covering Letter
Canara Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Why Apply for a Personal Loan at Paisabazaar?
- Top Offers on a Single Platform: Paisabazaar has partnered with more than 40 lenders including top banks, NBFCs, Fintechs and offers access to the best available personal loan offers from multiple lenders on a single platform
- Compare and Choose: With Paisabazaar.com you can compare personal loan interest rates and other key features such as other key fees and charges, disbursal offered by different banks and NBFCs and select the most suitable option for yourself
- Chances of Approval and Personalized Offers: Paisabazaar.com lets you have access to personal loan offers from multiple lenders listed as per your Chances of Approval based on your credit score and other eligibility factors. This feature helps you select the loan offer that has the highest chances of approval
- Complete Guidance & Assistance: The team of experts at Paisabazaar offers unbiased advice and complete guidance at every step to help you choose the most appropriate option for yourself. The customer-friendly team offers end-to-end assistance to offer you a seamless loan experience
- Pre-Approved Offers: Once you have registered yourself with Paisabazaar, you can get access to personalized pre-approved loan offers from different lenders, provided you have a healthy credit history. These instant and preapproved personal loan offers usually come with low-interest rates, minimal or no processing fee and documentation, etc.
- Paperless Process: Paisabazaar is a digital platform that lets you carry out the entire loan process online
- Document Pickup: Paisabazaar offers customers the option to get their documents picked from their doorstep without any additional charges in case physical documentation is required at any step
FAQs
Q1. What is the turnaround time for disbursal of Canara Bank Personal Loan?
A. Most lenders, including Canara Bank, take 2-7 working days to disburse personal loan from the date of making personal loan application. However, Canara Bank offers online instant personal loans to its salary account holders for loan amount of up to Rs 1 lakh. Other lenders that provide pre-approved instant personal loans to select customers include HDFC Bank, Axis Bank, Bajaj Finserv and ICICI Bank. Click here to find out whether you qualify for pre-approved instant personal loan with other banks for bigger loan amounts.
Q2. Does Canara Bank provide pre-approved instant personal loan?
A. Yes, Canara Bank provides online instant personal loans to salary account holders for loan amounts of Rs 10,000 to Rs 1 lakh.
Q3. What is the minimum salary requirement to avail personal loan from Canara Bank?
A. Canara Bank has not specified any minimum salary requirement for the applicants. However, a minimum monthly income of Rs 15,000 would be considered to avail personal loan from Canara Bank.
Q4. Is there any restriction on the prepayment of Canara Bank Personal Loan?
A. No, there are no restrictions on the prepayment of Canara Bank Personal Loan. The prepayment charges are NIL for the applicants availing personal loan from Canara Bank.
Q5. What is the minimum credit score required to avail Canara Bank personal loan?
A. Although Canara Bank has not stated any specific cut-off credit score, applicants having credit score of 750 and above would have higher chances of availing Canara Bank personal loan at lower interest rates. However, some lenders may also offer personal loans to those having lower credit scores. Click here to apply for availing personal loan despite having low credit score.
Read More: Know how to build/improve your credit score using Step UP Credit Card
Please Note: Canara Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
